The Delhi based Online Retail shopping website Snapdeal is in advance talks to acquire the online phone recharging site Freecharge for $450million, this will be the biggest acquisition in India related to internet industry.
Backed by Softbank who invested $650 million in Snapdeal last year is looking to expand their business in India by acquiring Freecharge. Snapdeal is in tough competitions with online giants like Flipkart and Amazon who dominates the online retail industry in India.
By far, Snapdeal has acquired by companies and are looking forward to acquiring more to establish themselves as a serious player in the internet industry in India.
Freecharge, founded in 2010 by serial entrepreneur Kunal Shah and Sandeep Tandon, head of technology conglomerate Tandon Group, is backed by Sequoia Capital and hedge funds Valiant Capital and Hong Kong-based Tybourne Capital Management which is also an investor in Snapdeal.
The biggest acquisition in India related to online industry is by Flipkart whpo acquired Myntra for $370 million last year.
Earlier it was reported that Snapdeal is in talks with China's Alibaba to raise $1 billion (Rs 6,200 crore) and also that it is negotiating to buy advertising network Komli Media for $300 million.